Re - Proposed Issue of Equity

PANTHEON INTERNATIONAL PARTICIPATIONS PLC ("PIP")               

                        Proposed Placing and Open Offer                        

14 May 2007

Following the announcement made by PIP on 19 March 2007, the Board of Directors
announces that it is proposing to raise up to £100 million by way of a Placing
and an Open Offer of ordinary shares in PIP (the "Issue"). The Issue would be
priced at NAV as at 30 April 2007 plus a small premium estimated to cover the
costs of the Issue. The Open Offer would be made to existing ordinary
shareholders on the basis of one ordinary share for every 5 ordinary shares
held on the record date.

PIP is the longest-established private equity fund-of-funds quoted on the
London Stock Exchange, enabling private investors as well as institutions to
gain access to a substantial portfolio of unquoted companies in the US, UK,
Continental Europe and Asia, within funds managed by experienced private equity
managers.

PIP's primary investment objective is to maximise capital growth by investing
in private equity funds, and, occasionally, directly in private companies.

PIP has had an active year, committing a record £281 million to private equity
investments in the nine month period ended 31 March 2007, compared to £240
million committed to investment during the whole of the previous year.

The proceeds of the Issue would provide PIP with increased financial resources
to implement its investment strategy and in particular, to participate in
secondary investments as the market for these interests grows. Commitments
under PIP's primary investment programme are expected to substantially absorb
the cash generated from existing assets. In addition, the proceeds of the Issue
would be used to repay amounts currently drawn down (£20 million as at 30 April
2007) under PIP's principal loan facility.

The Placing and Open Offer would be subject to the approval of ordinary
shareholders to be sought at an extraordinary general meeting proposed to be
held on 14 June 2007.

Further details will be announced when the prospectus is published.

Expected timetable:

30 April 2007 Special NAV calculation date for the purpose of the Issue

Week commencing Publication of the prospectus

21 May 2007

13 June 2007 Open offer closes

14 June 2007 Extraordinary General Meeting to approve the Issue

Last date for receipt of placing commitments

20 June 2007 Admission and commencement of dealings in new ordinary shares

Contacts:

Rhoddy Swire [phone]

Pantheon International Participations PLC

Andrew Lebus [phone]

Pantheon Ventures Limited

Lewis Aldridge [phone]

Pantheon Ventures Limited

Andrew Zychowski [phone]

Dresdner Kleinwort

Dominic Waters [phone]

Dresdner Kleinwort

Robbie Robertson [phone]

Dresdner Kleinwort

Dresdner Kleinwort Securities Limited, which is authorised and regulated by the
Financial Services Authority, is acting for Pantheon International
Participations PLC (the "Company"), and for no-one else in connection with the
contents of this announcement and will not be responsible to anyone other than
the Company for providing the protections afforded to customers of Dresdner
Kleinwort Securities Limited, or for affording advice in relation to the
contents of this announcement or any matters referred to herein. Dresdner
Kleinwort Securities Limited is not responsible for the contents of this
document. Dresdner Kleinwort Securities Limited has given and not withdrawn its
written consent to the issue of this announcement with the inclusion of the
reference to its name in the form and context in which it is included.

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